Five stories making global property headlines:
Rentals on the rise in US cities
Increased demand for apartments has fuelled rent rises across the US, according to data from real estate analytics firm RealPage. The figures, reported by CNBC, showed the number of occupied apartments was 11 per cent higher in the second quarter of 2019 compared with a year earlier, forcing monthly rents up an average 3 per cent, to $1,390.
The highest rental demand was reported in Dallas/Fort Worth, followed by Chicago, Houston, New York and Washington DC.
Property investors gain right to Egyptian citizenship
Lawmakers in Cairo have approved plans to grant Egyptian citizenship to foreigners who buy a home in the country. According to Egypt Today, a new government unit will take up to three months to consider applications from would-be citizens, in return for a $10,000 fee.
Dyson bags Singapore’s priciest penthouse
The Financial Times reported that Sir James Dyson, billionaire inventor of the eponymous bagless vacuum cleaner, has paid S$73.8m ($54.3m), according to local media, for what is thought to be Singapore’s most expensive penthouse.
Located in the city-state’s Tanjong Pagar financial district, the 21,108 sq ft apartment has five bedrooms, a private pool, a 600-bottle wine cellar and 24/7 butler service, according to the developer’s website.
Dyson, a prominent Brexit supporter, made the decision earlier this year to relocate his company’s headquarters from the UK to Singapore.
University housing challenge
Buyers seeking property in leading university cities around the world face paying an average 25 per cent more than they would for a home elsewhere in the same country. Property industry website Propertywire revealed the data from Bidwells, a property consultancy, which analysed house price trends between 2009 and 2018 in the top 50 university cities.
The greatest increase over that period was in Hong Kong (195.6 per cent), followed by Zurich (145.8 per cent) and San Francisco (113.7 per cent).
The consultancy warned that the cost of housing could deter talented graduates from remaining in such cities. “There is risk of curtailing growth or even a decline in the quality of life, especially in smaller markets with very limited supply,” said Patrick McMahon, senior partner at Bidwells.
Triple bogey for landlord hopeful
A homeowner in Northern Ireland has revealed the perils of trying to cash in on a top sporting event.
Graham Robinson told the Belfast Telegraph he had been left “high and dry” after trying to rent out his luxury house overlooking Royal Portrush’s Dunluce Links, where golf’s Open Championship tees off this week.
After investing in a “high-spec” refurbishment of the house, Robinson thought he had let the three-bedroom property first to a celebrity, then a group of Mexican visitors, and then to some American golfers, only for all three parties to pull out. “I’m not interested in golf myself,” he said.
Photographs: Getty Images/iStockphoto; Dreamstime; AP Photo/Peter Morrison